Consider the following hypothetical difference-in-differences results concerning the average of hours worked in "big-box stores" between North and South Dakota before and after North Dakota increased its minimum wage. Average Weekly Hoursper Big-Box Establishment North Dakota South DakotaBefore ND minimum wage increase: 128.4 110.3 After ND minimum wage increase: 114.6 108.2 The minimum wage increase is associated with average hours of work decreasing by how much per week in North Dakota relative to South Dakota?
A. 20.2 hours
B. 11.7 hours
C. 2.1 hours
D. 15.9 hours
E. 13.8 hours
Answer: B
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A natural monopoly is a market where
a. a single firm has control over a vital natural resource. b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm. c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms. d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.
The market value of a good or service is the:
A. price at which producers are willing to sell an output. B. government's valuation using the CPI. C. price at which it is bought and sold. D. None of these statements is true.
What happens as the result of a shortage?
A. There is downward pressure on prices. B. There is upward pressure on prices. C. Supply of the good decreases. D. Consumers begin to view the good as an inferior good because they have a hard time finding it.
Refer to the data. If this good were a private good instead of a public one, the total quantity demanded at a $3 market price would be:
Answer the question on the basis of the following information for a public good. P a and P b are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society.
A. 2 units.
B. 3 units.
C. 6 units.
D. 4 units.